TORONTO, July 4, 2013 — Greater Toronto Area REALTORS reported 9,061 sales through the TorontoMLS system in June 2013 down by less than one % matched against June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.
"The sales picture in the GTA improved obviously in quarter two of 2013. While the amount of transactions was still down matched against 2012, rates of decline were significantly improved compared with the 1st quarter," said Toronto Real estate Board President Dianne Usher.
"As an increasing number of home purchasers, many of whom put their purchase on hold due to tougher lending guidelines, now reactivate their search, the expectancy is for renewed expansion in home sales in the 2nd 1/2 2013," added Ms. Usher.
The average selling price in June was up by 4.7 % year-over-year to $531,374. In line with the 2013 norm, June price expansion was driven by the single-detached and semi-detached market segments, particularly in the City of Toronto. Over the same period of time, average condo house selling prices remained in accordance with 2012 levels.
"The short supply of low-rise home types in numerous parts of the GTA relative to the quantity of homes looking at buying continued to prompt strong upward force on selling prices of singles and semis," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "We have also seen enough purchasers in the better-supplied condo studio market to provide support for selling costs at current levels." .